Despite the devastating collapse of major UK corporations like Carillion, Patisserie Valerie, and BHS due to audit failures, the auditing industry in the UK remains uncertain. However, this ambiguity presents a profitable opportunity for smaller accountancy firms to enter the market and establish a new source of revenue.
Recognizing this potential, many accountants are considering a move into auditing. However, the accounting industry faces numerous challenges, making this decision difficult. In particular, many accountants struggle with basic tasks such as assembling a skilled auditing team and upgrading to the latest accounting and auditing software.
As a result, the demand for professional audit support services has surged in recent years. By outsourcing audit support to a reputable accounting outsourcing firm. Accountants can address their staffing and technological difficulties, thereby expanding their capacity and enabling scalability.
HOW DOES AUDIT OUTSOURCING WORK?
The UK government announced the creation of the Audit, Reporting and Governance Authority (ARGA) to regulate financial audits for quality and authenticity. The process of outsourcing accounting audit support remains the same, following guidelines set by regulatory bodies such as the Financial Reporting Council (FRC). Here are the steps to outsource professional audit support in the UK.
Step 1: Research
To outsource audit work, accountants must research and find a partner who understands their vision and offers customised audit support services UK. Thorough research is necessary to evaluate potential partners, including online search, peer consultation, and review analysis.
Step 2: Candidate Selection
When outsourcing accounting audits, the first step is to find the right partner who understands the vision of the accounting firm and provides customised audit support services UK. After selecting the outsourcing partner, the next step is to choose the right team members to perform the audit work.
Although the UK auditing industry is returning to normalcy, there is still an atmosphere of mistrust among clients due to recent corporate scandals. To gain the trust of clients, accountants need highly skilled and experienced resources. Therefore, it is crucial to choose outsourced staff carefully.
Outsourcing providers typically have a vast pool of skilled and experienced auditors. The provider will share candidate profiles with the accounting firm, which can be reviewed and interviewed to understand their skills and expertise in detail.
After the interview process, accountants shortlist the most suitable candidates and share the list with the audit support services provider. The provider can then assign the selected auditors to the audit work, and the accounting firm can proceed with the audit process.
Step 3: Agreement
The third step in outsourcing accounting audits is to prepare and sign the agreement. Once the accountants have shortlisted candidates to work with, both parties must agree upon the terms of service.
The outsourcing provider drafts the service contract, and both parties must mutually sign it. The agreement lays the foundation for the outsourcing association and guides the accounting firm throughout the process.
A typical audit support and preparation services agreement includes the roles and responsibilities of both the practice owners and candidates. It also outlines the duration of service, legal rights and liabilities of both firms, compensation, and other relevant details.
Before signing the outsourcing contract, accountants must thoroughly read the document and have any questions or concerns addressed. It is important to keep a copy of the document and have it readily available at all times.
Step 4: Onboarding
Outsourcing professional accounting audit support involves a final step, which is onboarding. Many accountants in the UK prefer audit support services in India due to various reasons, and effective onboarding is crucial for outsourced resources based offshore.
To begin with, coordination with the outsourcing partner is essential for smooth onboarding. Before the offshore staff joins the team, interact with them, organise a detailed induction, and introduce them to in-house staff. Brief them about the project, and talk to them about their prior work experience and expertise.
Although outsourced resources are highly experienced, preparing them for the new role is vital as it sets a foundation for their work and helps them feel comfortable and valued. Additionally, training the in-house staff to accommodate the new team and support them collectively is crucial for success.
After onboarding is complete, the outsourced resources can start working on the project. This final step in the outsourcing process can determine the success of the business relationship with the audit support services provider.
PROFESSIONAL AND HASSLE-FREE ACCOUNTING AUDIT SUPPORT WITH FIN-EX OUTSOURCING
Finding the right outsourcing firm that tailors its services to your practice’s requirements can be challenging. But with Fin-eX Outsourcing, your search comes to an end!
Fin-eX Outsourcing is a leading global provider of professional audit support and preparation services, with over 500+ dedicated accountants and auditors on our team. We have certified expertise in the latest UK auditing regulations, combined with over 11 years of experience serving distinct accountancy firms, makes us the perfect partner for your outsourcing needs.
Our customised services and unique ‘People First’ approach have helped several accountants reduce operational costs, increase profits, and scale their practice. Our robust communication and data security systems set us apart from our competition. We are India’s first GDPR-compliant accounting outsourcing company, with a 100% score in all BSI audits.
To learn more about our audit support services, book a free consultation with one of our outsourcing experts today. To explore how outsourcing can benefit your firm and transform your practice, contact us at +44 208 144 8995, write to us at askus@finexcoutsourcing.com, or visit our website at Fin-eX Outsourcing – Outsourced Accounting, Bookkeeping & Payroll Services.
